SUN PHARMA:

SUN PHARMA closed the week on positive note gaining around 1.90%.

As we have mentioned last week that the stock is facing stiff resistance around the levels of 750 and for the 2nd week the stock has closed below the levels of 750. Support for the stock lies in the zone of 724. If the stock closes below this levels then the stock can drift to the levels of 600 where 1000 Daily SMA and 200 Weekly SMA are positioned. During the week the stock manages to hit a low of 704 and bounce to close the week around the levels of 740.

It seems the stock has made a medium term bottom around the levels of 704. If the stock closes below this levels then the stock can drift to the levels of 600 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 750 from where the stock has broken down after taking multiple supports. If the stock closes above this levels then the stock can move to the levels of 770. If the stock closes above the levels of 770 then the stock can move to the levels of 800 where 500 Daily & 100 Weekly SMA are positioned.

Broad range for the stock in the coming week can be 710 – 720 on lower side to 770 – 780 on upper side.